SNB Profit Weathers Franc Hit With Help From Stocks and Gold

(Bloomberg) — The Swiss National Bank anticipates a profit of about 26 billion francs ($33 billion) for 2025, after gains from rallies in gold and equity markets offset losses from a strong franc.

The value of the bullion held by the central bank increased by around 36.3 billion francs over the year, it said Friday. Its hoard of assets in foreign currencies — which include the majority of its stock and bond holdings — resulted in a loss of around 9 billion francs.

The SNB also lost money on its franc positions, having had to pay interest on bank deposits until it cut rates to zero in June.

The second consecutive year with a positive result means the SNB will be able to make a payout to Switzerland’s government and cantons after losses in previous years prevented that outcome in 2023 and 2024. It will transfer 4 billion francs to state coffers and will pay a 15 franc per share dividend to shareholders.

According to economists at UBS, the profit — which was in line with their expectations — could have been much bigger if the franc hadn’t appreciated as much. In a note this week, the bank put the SNB’s loss from the currency’s strength last year at about 55 billion francs.

The earnings of Switzerland’s central bank are strongly determined by movements in currency markets, after years of interventions to weaken the franc saw it accrue a large pile of assets in foreign denominations.

The SNB is setting aside some earnings as a safeguard against sudden swings. In one of his first speeches after assuming office, President Martin Schlegel said in late 2024 that, given the risks posed by its large balance sheet, maintaining the institution’s capital base must be prioritized over distributing profits.

In line with a new strategy of more judicious confrontations with currency traders — informed in part by the size of its assets — the SNB has recently mostly shirked from big interventions. Available data and estimates show that with the exception of the second quarter, it largely refrained from stepping into foreign-exchange markets last year.

The earnings have no bearing on how the SNB sets monetary policy. Final results are due on March 2.

©2026 Bloomberg L.P.